India increases Russian oil purchases – media – RT Business News


Nearly a fifth of available monthly shipments of Siberian crude were reportedly sent to Indian refiners in August

India increased its purchases of Russian oil in August, Bloomberg reported on Thursday, citing shipment data.

According to the report, six tankers loaded with Russian ESPO oil, a brand of Siberian crude, were en route to Indian refiners last month. That’s almost a fifth of ESPO’s available monthly shipments.

It was also the biggest shipment of Russian crude to India.”since the introduction of the flow,“, said the outlet.

Analysts say the trip to India will take longer for Russian tankers than to China, but the “shipments can continue as long as the price remains attractive and there are no real sanctions blocking trade.”

India has stepped up its purchases of Russian oil since the spring, when Moscow introduced discounts to lure new buyers after Western countries shunned exports of Russian crude under Ukraine-related sanctions.


China has long been ESPO’s main buyer, once buying almost all available cargo, but that could change now that India is actively seeking new sources of oil to meet domestic demand. In addition, Russian ESPO is cheaper than India’s traditional imports from the Middle East and is likely to displace some flows from Saudi Arabia and Abu Dhabi, Bloomberg reports, citing traders and ship brokers.

As India increased its purchases, the United States urged New Delhi to support a cap on Russian oil prices. However, India has been reluctant to join Western sanctions against Russia, putting domestic energy security above geopolitical tensions.

For more stories on economics and finance, visit RT’s business section

You can share this story on social media:


rt

Back to top button